In an excerpt from his radio show on Wednesday, Peter Schiff looks at the latest international data on median household incomes. It may surprise you that America is not anywhere close to #1, despite being known as the land of prosperity and opportunity.
“[Obama’s] got a new concept, ‘the middle out’. He wants to grow the economy from the middle class out… This is the economic cart before the horse. We don’t have a strong economy because we have a strong middle class; we have a strong middle class because we have a strong economy… The reason the middle class is shrinking is because you destroyed the incentives for people to create wealth and to employ people. It’s because of the policies that were targeted at the so-called rich. That’s why the middle class is disappearing.”
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